It is estimated that nearly two million people own buy-to-let property across the UK (Resolution Foundation 2019), with property being regarded as a ‘safe-haven’ asset. At 4.7% the gross yield on residential property across the South West is attractive.
The City of Plymouth and Torbay are currently the top performers in the South West, offering gross yields of 5.8% and 5.2% respectively.
Average gross yields on residential property are attractive, with positive rental and house price growth
Strongest housing markets across Devon and Cornwall
Property prices across the South West were 4.3% higher year-on-year as the housing market reopened in June. Cornwall is currently the top performer in the region, with prices up 4.9%. Activity across the market has been brisk, nationally the average time taken to sell a property fell to 53 days in August, down from 62 days in August 2019. Sensible pricing remains crucial, as correctly priced properties are nearly twice as likely to be sold ‘subject to contract’ within four months of listing than those that have had their asking price reduced. Homes in the South West are selling, on average, 10 days quicker than a year ago.
Jeff Cole, Partner of Cole Rayment & White, comments on the North Cornwall region:
“The market has been extremely busy since the lockdown was lifted. We have managed to produce videos for the vast majority of our stock, and this has proved extremely popular with clients during the pandemic. Many purchasers relocate to Cornwall from out of county and demand has been extremely high as many people have had a rethink about their lifestyles and working from home has become so much more accessible. Our pipeline is very good but, unfortunately, sales are taking ages to exchange contracts which seems a huge problem countrywide.”
Properties for sale in the South West region of the UK
Launceston, Cornwall, 4 bedrooms
This elegant Grade II Listed former farmhouse has a wealth of character and charm throughout and is believed to date back to the 18th century. This charming country residence enjoys spacious accommodation with a farmhouse kitchen and breakfast room, two reception rooms and four bedrooms.
The home is set on a plot of approximately one acre with an orchard, outbuildings and far-reaching views across the beautiful Lynher Valley.
North Tawton, Devon, 5 bedrooms
This Grade II Listed 16th century detached farmhouse is set in almost one acre of beautiful gardens with rural views and an attached one-bedroom annexe.
This thatched chocolate box cottage has been sympathetically maintained by the current owners and benefits from a spacious entrance hall, three generous reception rooms, a kitchen with a utility room, five bedrooms, four bathrooms and a large detached barn with good potential for redevelopment.
Philleigh, Cornwall, 7 bedrooms
Set in an idyllic and peaceful location, on the upper reaches of the River Fal, this deceptively spacious and versatile character residence has right-of-way access to a small beach leading onto Ardevora Creek.
This characterful home benefits from beautiful creek views, five bedrooms in the main house and a connecting bedroom cottage, ideal for a holiday let.
Click to see the market reports in other regions:
● Market Report 2020 Autumn East Midlands
● Market Report 2020 Autumn Essex, Norfolk and Suffolk (East)
● Market Report 2020 Autumn Hertfordshire, Bedfordshire and Cambridgeshire (East)
● Market Report 2020 Autumn London
● Market Report 2020 Autumn North East and Yorkshire
● Market Report 2020 Autumn North West and North Wales
● Market Report 2020 Autumn Northern Ireland
● Market Report 2020 Autumn Scotland
● Market Report 2020 Autumn South East Home Counties - Kent and East Sussex
● Market Report 2020 Autumn Southern Home Counties - Surrey and West Sussex
● Market Report 2020 Autumn Southern
● Market Report 2020 Autumn Thames Valley, Berkshire, Oxfordshire and Buckinghamshire
● Market Report 2020 Autumn West and South Wales
● Market Report 2020 Autumn West Midlands and Wales
If you would like guidance on buying or selling your home with the best agent in your area, find your local Guild Member today.